The wagering on thoroughbred horse races, as one example of pari-mutuel wagering, is based on selecting which horse (or horses) will finish in a particular position, such as win, place and show. Exotic wagering options, such as an exacta, trifecta, and superfecta, are based on selecting a plurality of horses in the correct order of finish in a single race. Other wagering options, such as a daily double, pick three, pick four, pick five and pick six, are based on selecting a horse in a specific position, in these cases in the first (i.e., win) position, in a plurality of sequential races. Occasionally wagering options are offered which involve selecting the winning horse in designated races at a plurality of different tracks. A still further wagering option, typically offered on a more limited basis, and often limited to the last race of the day, is what is called a “super high five”. This involves selecting the first five finishing horses, in order, in a single race.
Regardless of the wagering option or scheme, the objective is to try and identify the horse or horses which will finish one or more races in a specific position, such as the winning horse in four consecutive races at the same racetrack (i.e., a pick four). Another example of this objective is to select the first three finishing horses in order in a single race (i.e., a trifecta).
One of the possible wagering options, as disclosed herein, which is not currently practiced at any racetrack is to select the relative sequential positions of two, three, or four horses regardless of their actual finishing positions in the race, such as win, place, show, etc. For example, if a patron who is handicapping a race wants to wager that horses X, Y, and Z will finish in that order somewhere in the overall order of finish, this type of wager is not currently offered but is provided by the disclosed method and thus creates another wagering option for racetracks and patrons alike. This new wagering option as disclosed herein should not reduce the racetrack's overall handle for that race relative to all other current wagering options being offered for the race since these current wagering options and the disclosed method or additional option are not mutually exclusive. Further, the disclosed method can be used for any type of competition or sporting event where wagering is permitted, where there are a plurality of competitors and where finishing positions are known and recorded.
Having a wide variety of wagering options is intended to appeal to a variety of wagering preferences of those patrons at the racetrack and those who attend off-track betting (OTB) sites. The variety of wagering options is also intended to increase the “handle” of the racetrack and thus the amount which the racetrack takes as income or funding for its activities and racing purses. For example, if a racetrack takes an average of sixteen percent (16%) of all wagered amounts, the greater the total handle for the racetrack, the more the racetrack has to work with as income. Accordingly, any wagering option which increases the total handle is advantageous for the racetrack. The only caveat is that a new wagering option or method might reduce the amounts typically wagered on other, existing wagering options. Therefore, one important aspect of trying to increase the total handle for the racetrack is to address current racing issues or situations where pari-mutuel wagering is traditionally low and find another or other options which increase the wagering for that particular race.
For example, when there is a relatively small field, such as five, six or seven horses, the level of pari-mutuel wagering is typically lower than a field with nine, ten or eleven horses. The level of pari-mutuel wagering may also be lower on the last race of the day as racetrack patrons elect to leave early in order to try and avoid some of the exiting traffic. Another lower pari-mutuel wagering situation can often be found when there is a heavy favorite, such as a horse with odds of 4:5 or in some instances as lopsided as 2:9. The typical pari-mutuel wagering options simply do not provide a suitable way for patrons to make any reasonable return under these circumstances. Assuming that the pari-mutuel odds reflect the likely outcome with a heavy favorite, traditional win, place and show bets would likely only return a very modest amount. Other pari-mutuel wagering options, such as an exacta wheel, with the heavy favorite on top, might pay a little more especially if the second place horse has long odds. However, in the event of a small field, the cost for that type of wager is easily handled by a majority of the patrons and thus the return would be modest, at best.
The pari-mutuel wagering method which is disclosed herein is directed to these lower wagering situations and the continuing desire of the racetrack to try and increase its handle (i.e., the amount which is subject to the racetrack's percentage). The disclosed pari-mutuel wagering method is considered an improvement to the currently offered wagering options since it provides other wagering options which address one or more of the lower wagering situations.